Vulcan Minerals Inc. – Advances Newfoundland Zinc - Lead Exploration
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
News Release
June 27, 2024
Vulcan Minerals Inc. – Advances Newfoundland Zinc - Lead Exploration
St. John’s, Newfoundland and Labrador - Vulcan Minerals Inc. (“the Company” - “Vulcan” TSX-
V: VUL), is pleased to provide the following exploration update on its 100% owned Carbonear
project in eastern Newfoundland.
Highlights:
- Significant zinc and lead soil geochemical anomalies identified
- Gravity survey completed in two test areas with positive results
- Historic core resampled
Soil Geochemistry
The Company complet ed an extensive soil geochemical program in 2023 (1243 samples) in
addition to a 2022 (636 samples) soil program . Sampling was primarily focussed along a
magnetically anomalous zone in favourable structure as identified from high resolution airborne
magnetic and LIDAR surveys completed by the company in 2022. All samples reported were
analysed by SGS Canada Inc. The areas of primary interest are located within the 2023 soil grid
particularly north and south of Gull Pond as per maps below covering the 2023 soil survey.
The Gull Pond area exhibits strongly anomalous zinc and lead values. A total of 125 samples
exceed the 90 th percentile value of 70 parts per million (ppm) lead with 13 samples exceeding
the 99th percentile of 298 ppm. These values range up to a maximum of 0.1630% lead (1630 ppm).
Regarding zinc, 126 samples exceed the 90 th percentile value of 72 ppm with 13 samples
exceeding the 99 th percentile value of 207 ppm. These values range up to 628 ppm zinc. These
results confirm the regional historic results for zinc and lead which is consistent with the area
being one of the highest multi -element geochemical anomalies in Newfoundland based on lake
sediment and stream sediment data.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
Figure 1: Carbonear Project Soil Geochemical Sampling – 2023 Pb ppm (Percentile)
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
Figure 2: Carbonear Project Soil Geochemical Sampling – 2023 Zn ppm (Percentile)
Gravity Survey
Bolstered by the favourable soil results, the Company completed a ground gravity survey over
the Gull Pond north and south grids in May. The survey was designed as a test program to detect
any near surface density anomalies that may be associated with zinc -lead sulfide bodies and to
determine if the magnetic anomalies observed have any gravity correlation. Sedimentary
exhalative deposits (SEDEX) occur stratigraphically within certain favorable beds. At Carbonear,
based on previous drilling (see below), certain sedimentary beds contain disseminated pyrrhotite
(iron sulphide) providing a magnetic response that may be helpful in locating zinc and lead
sulfides. Based on the preliminary gravity data and interpretation, the north and south grids both
exhibit bouguer and residual gravity anomalies. Further interpretation results will be released
when finalized. The preliminary results are encouraging because the anomalies coincide with the
magnetic trend and the highest geochemical zinc and lead soil anomalies.
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
The survey consisted of 50 m stations on 200 m line spacing. A total of 510 stations were
recorded, covering approximately 4 square kilometers.
Sampling Historic drill holes
The only reported drill holes on the project area were drill ed in 1997. A total of ten holes were
drilled for 1014 meters to test weak HLEM ground electrical conductors north and south of Gull
Pond. Given that the Company’s recent work has enhanced the prospectivity of this general area,
the company resampled Holes CP-97-08 and CP -97-10 to better ascertain the tenor of
mineralization previously identified. These holes contain anomalous zinc mineralization over a
potential stratigraphic interval of approximately 100 meters based on 23 historic core samples in
Hole CP-97-08 (average 0.38% Zn) and 10 historic core samples in Hole CP-97-10 (average 0.25%
Zn). Following relogging of the core at the Newfoundland and Labrador government core storage
facility it was felt that further sampling of these holes was justified based on numerous
indications of finely disseminated mineralization. To confirm and better define the tenor of
mineralization, an additional 31 samples over 42.5 m in Hole CP-97-08 and 26 samples over 47 m
in Hole CP-97-10 were taken for assay. Mineralization consists of disseminated sulphides in
turbiditic siltstones and secondary fracture fillings. Details related to resampling assays will be
released when results are compiled and interpreted.
President Patrick Laracy commented “While anomalous zinc-lead mineralization is not ore-grade,
it does confirm the deposition of sulphides within a favourable sedimentary sequence for SEDEX
style deposits and validates the potential for more robust zinc – lead mineralization within the
system. Carbonear is an early-stage exploration project in a search of a world class SEDEX deposit.
We are systematically exploring this large land package located about a 1.5 hour drive from our
offices in St John’s with the objective of getting it to the drill target stage.”
The property was originally identified (1980) for its sedimentary exhalative base metal potential
by Cominco, who operated the giant Sullivan SEDEX mine in British Columbia, one of the largest
zinc-lead mines in the world. The project area has geologic attributes similar to other major
SEDEX deposits worldwide. These attributes include a late Precambrian clastic sedimentary basin
sequence of black shale/siltstone/sandstone containing substantial turbidite sequences
containing lead and zinc mineralization.
Quality Control
Vulcan contracted GroundTruth Exploration to complete the soil geochemical survey at the
Carbonear Project in 2023. Soil traverses were carried out on 200 m spaced grid lines with 50 m
stations south of Gull Pond and 400 m spaced grid lines with 100 m stations north of Gull Pond .
Samples were collected using hand augers to target C horizon soil. GroundTruth collected 4 field
duplicate samples per 100 samples. Samples were delivered by GroundTruth to SGS Canada Inc.
(SGS) in Grand Falls -Windsor for preparation prior to analysis at t he SGS Burnaby laboratory.
Vulcan employed SGS’ s two-acid leach / ICP -MS multi -element analysis. SGS’s analytical
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
laboratories operate under a Quality Management System that complies with ISO/IEC 17025 and
undertake their own internal coarse and pulp duplicate analysis to ensure proper sample
preparation and equipment calibration. Preliminary inspection of these contr ol samples shows
them to be within the expected limits.
About Vulcan
Vulcan Minerals is a precious and base metals exploration company based in St. John's, NL. The
Company has strategic land positions in multiple active Newfoundland exploration and
development belts. The Company has leveraged its exploration exposure in much of this land
position through equity ownership of other explorers obtained by way of op tion and royalty
agreements. It also holds approximately 30.5 per cent of the shares in Atlas Salt Inc. (TSXV: SALT).
Atlas Salt is currently developing the Great Atlantic salt mine in western Newfoundland.
Patrick J. Laracy, P. Geo. President, is the qualified person who has reviewed and approved the
technical contents of this news release as defined in National Instrument 43-101.
We seek safe harbour.
For information please contact:
Patrick J. Laracy, P .Geo.
CEO and President
(709) 754-3186
www.vulcanminerals.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press
release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-
looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other
than statements of historical fact, included herein, without limitation, statements relating to the future operating
or financial performance of the Company, are forward-looking statements. Forward-looking statements are
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“will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate
to, among other things: completion, delivery and timing of the referenced exploration program and assumptions
related thereto. Actual future results may differ materially. There can be no assurance that such statements
will prove to be accurate, and actual results and future events could differ materially from those anticipated in
such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the
statements are made and are based upon a number of assumptions and estimates that, while consider ed
reasonable by the respective parties, are inherently subject to significant business, technical, economic, and
competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different from the results, performance or achievements
that are or may be expressed or implied by such forward -looking statements and the parties have made
assumptions and estimates based on or related to many of these factors. Such factor s include, without
limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should
not place undue reliance on the forward-looking statements and information contained in this news release
concerning these times. Except as required by law, the Company does not assume any obligation to update
333 Duckworth Street, St. John's, NL, A1C 1G9
Telephone: (709) 754-3186 Fax: (709) 754-3946, Email: [email protected] Website: www.vulcanminerals.ca
the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except
as required by law.